Introducing Maurizio from Profiter
Q: Can you briefly introduce yourself and your startup?
A: I’m Maurizio. I’m originally from Italy, now living in Luxembourg. I’m the founder of Profiter, an AI platform tailored for the healthcare sector. We specialize in helping Pharma distributors and hospitals reduce stockouts, minimize overstock, and automate manual reordering processes.
Q: How did the idea for Profiter come about?
A: Before founding Profiter, my academic background was in economics in Italy, complemented by a stint in digital freelancing. My professional path then led me to a big digital agency, where I specialized in PPC advertising, primarily through Google Ads, aiming to expand businesses across Italy and Europe rapidly. During this phase, I recognized a widespread challenge among companies: the lack of efficient, automated purchasing and inventory management systems. Concurrently, through events held with a local association in Cuneo, I connected with Osvaldo, a seasoned entrepreneur already exploring opportunities in inventory management. Through a series of interviews and market analyses, we pinpointed a significant issue in the pharmaceutical sector. This insight, combined with our encounter with Alex, another co-founder we met through the AI CUNEO group, laid the groundwork for the inception of Profiter.
Why Startup Wise Guys?
Q: What motivated you to join Startup Wise Guys?
A: Well, from the outset, we were driven to establish a technology company with substantial international aspirations, seeking structured support and a network of founders who could guide us towards realizing our ambitions. Additionally, the program’s focus on B2B SaaS models aligns perfectly with Profiter’s business structure, ensuring relevant and targeted support.
Q: How was the experience at Startup Wise Guys?
A: It was transformative. Being part of Startup Wise Guys exposed us to a vibrant startup ecosystem, fostering collaboration and learning. The accelerator’s structured programs and mentorship significantly accelerated our understanding of the business landscape and refined our strategies.
Q: What specific impact did joining the accelerator have on Profiter?
A: The impact was substantial. Startup Wise Guys provided crucial funding and opened doors to a network of experienced mentors and investors. This support helped us fine-tune our product discovery process, refine our business model, and ultimately test fast different solutions .
Q: Can you describe the application process a bit?
A: Okay. I don’t remember the details, but initially, there was a form with numerous questions to fill in. The crucial part is the interview phase. The first one or two calls involve basic pitching and Q&A. Then there’s a day, about four or five hours, packed with meetings with different mentors, partners and experts in various fields like tech and business. It’s a high-stakes day with several calls, every 20 minutes, each involving a 3-minute pitch and Q&A in different areas. We, the co-founders, split responsibilities, addressing questions related to our main expertise. I recall a challenging question from Startup Wise Guys founders, asking why, with Osvaldo’s three past startup exits, we sought to join an acceleration program.
Life Inside the Program
Q: What was a typical day like during the program?
A: I don’t know if it’s the same now, given we participated at the end of the first pandemic wave. We were half remote and half in person. The schedule was quite busy during the workshop period, with some activities everyday like workshops, masterclasses, 1to1 meetings and additional homework. Doing it remotely made it challenging to connect with other founders, but overall, it was beneficial. I believe an in-person experience would have been even better.
Q: How hands-on are the mentors and program leads?
A: The program had one managing director, one program manager and two other more operational people in his team, which was quite practical given we were 10 startups. They were highly hands-on, considering the workload and the number of startups. They actively worked with us on schedules, tools, and various tasks. The mentors, numbering from 20 to 30, were also remarkably hands-on and supportive. Whether through workshops or one-to-one sessions, they were deeply involved and provided valuable guidance tailored to each startup’s needs.
Q: Did you receive funding through the program in exchange for equity
A: Yes, we received funding. The program offers two types of rounds: price rounds and convertible notes. We opted for a price round. The amount received varies, typically ranging from 50,000 to 100,000. The specific figure is negotiated based on discussions with them and alignment on the term sheet. This funding was exchanges for equity.
Startup Wise Guys’ Significance
Q: Can you share a significant achievement during the program, where you felt you had overcome a hurdle?
A: Firstly, we gained a comprehensive understanding of the importance of some internal procedures which was a significant achievement. Additionally, we learned how to effectively communicate with people in the field and market, incorporating methodologies for user interactions. This was a crucial step in understanding the intricacies of startup operations and validation.
During the program, a pivotal achievement was our first pivot. With guidance from mentors, we realized that our initial approach was not scalable or venture capital-backed. This realization prompted a shift in our strategy, aligning us with more sustainable and scalable paths. Importantly, the program also taught us how to navigate and learn from failures, providing a deeper understanding of the real startup world.
Q: How did the accelerator program specifically equip you to identify and overcome the problem that led to your pivot?
A: The program was instrumental in this aspect. We had mentors across different verticals and engaged with key figures like Andrea Orlando, the managing director, and our program manager, Giovanni. Their hands-on approach involved deep dives into understanding the real problems in the market. Additionally, having previously conducted a price round with an angel investor knowledgeable in the pharma industry, we leveraged his expertise.
Collaborating with Andrea, Giovanni, and the angel investor, we engaged in extensive discussions to truly grasp the market dynamics and work towards finding a scalable solution. The emphasis was on collective brainstorming and finding the most effective path to build a scalable startup.
Q: Now, post-accelerator, what’s the current status of the company, and what achievements can you highlight?
A: In general, we’ve achieved significant milestones, securing major partnerships, particularly with nine hospitals in Italy—a substantial accomplishment given our focus on healthcare and other new PoCs. In addition, we were selected for a program at the University of California Berkeley, which brought us a great international outlook. We signed a safe agreement with a cap, doubling our “potential value” in less than a year post-Startup Wise Guys.
In terms of the product, we have improved our tech a lot through co-design with users. Now, we boast a complete MVP actively utilized by the nine hospitals in our network. Our journey post-Startup Wise Guys involves not just achieving but constantly evolving and pursuing new partnerships. While there’s still much to be done, joining an international acceleration program, despite the equity costs, has proven to be one of the best choices for a first-time founder. The invaluable branding and knowledge gained far outweigh the equity investment.
Q: What are your next milestones, and how has the accelerator prepared you for them?
A: In terms of funding, our immediate goal is to close the seed round successfully. The accelerator program played a crucial role in this by providing preparation and insights into creating documentation that aligns with the mindset of VCs and investors. Practically, the program also facilitates introductions to potential investors, leveraging their network to generate interest.
In a broader strategy sense, our next milestones involve forging new partnerships with hospitals and distributors. We’re actively pursuing two significant partnerships in Italy. Following the establishment of two or three case studies within Italy, we plan to expand internationally, potentially targeting markets like Spain and France. The accelerator has not only equipped us with the knowledge but also the practical tools and connections needed to navigate these milestones effectively.
Tips for Success in this Startup Accelerator
Q: Any tips you can share for founders considering joining an acceleration program?
A: Firstly, consider an acceleration program as a valuable opportunity, and if you’re in Europe, StartupWiseGuys is at a high level. Transparency is key—share any challenges or doubts about your company from the start. Understand that these programs have an international VC mindset, so think big and consider the global market from day one.
During interviews, showcase your passion for the problem you’re addressing and demonstrate a long-term commitment. Emphasize any unfair advantages you may have, like a team with notable successes or unique market insights. In the early stages, where you might lack a product or traction, leverage storytelling to highlight these advantages. For us, it was our experienced team and an angel investor from the industry showing commitment to the project. Finding and leveraging such advantages can make your pitch stand out.